Michelle is CEO of the Association for Digital Asset Markets, which works with financial firms and regulatory professionals to develop a code of conduct for the digital asset markets.
“2021 was the year Washington woke up to the digital asset industry. The year began with FinCEN’s hasty “Unhosted Wallets” proposal, which the industry was able to voice its concerns and delay. At the same time, Senator Cynthia Lummis joined the Senate for Digital Assets.
As the Biden administration became familiar with digital assets, it seemed like all of Washington was studying the industry in some form. Then came the Infrastructure Act, which contained a rash provision defining a broker for tax filing purposes. This flawed language unleashed digital asset advocates from across US society and made it clear that policymakers and regulators need to act prudently and consider innovation a key pillar of their decisions.
The year culminated on a very positive note with the hearing of the crypto CEOs before the House of Representatives Financial Services Committee in early December. The legislature was surprisingly warm to all participants and was genuinely interested in the innovation advantages that Web 3.0 can use. The hearing went a long way in legitimizing crypto in DC, much like how bank CEOs appear before Congress annually.
Looking ahead to 2022, lawmakers are beginning to see the long-term benefits this industry can bring to the United States, and that, combined with the Biden administration’s one-year tenure, now offers a real window for bipartisan to move the industry forward and provide guard rails for market integrity and consumer protection. I expect a responsible public policy framework to be developed from which the industry can thrive and the US can benefit. “
